Tenax Therapeutics, Inc. (NASDAQ:TENX - Get Free Report) saw a large growth in short interest during the month of August. As of August 14th, there was short interest totaling 5,473,983 shares, a growth of 114.1% from the July 30th total of 2,556,478 shares. Currently, 16.4% of the company's shares are sold short. Based on an average trading volume of 13,363,573 shares, the days-to-cover ratio is currently 0.4 days.
Insider Buying and Selling
In related news, major shareholder Adar1 Capital Management, Llc acquired 716,369 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The stock was bought at an average price of $1.77 per share, for a total transaction of $1,267,973.13. Following the acquisition, the insider directly owned 4,746,444 shares of the company's stock, valued at $8,401,205.88. This represents a 17.78% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last quarter, insiders have bought 1,025,867 shares of company stock valued at $1,815,658. Company insiders own 10.81% of the company's stock.
Hedge Funds Weigh In On Tenax Therapeutics
Institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC raised its position in shares of Tenax Therapeutics by 989.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,815,474 shares of the specialty pharmaceutical company's stock worth $29,066,000 after buying an additional 1,648,808 shares in the last quarter. ADAR1 Capital Management LLC grew its position in Tenax Therapeutics by 235.2% during the 1st quarter. ADAR1 Capital Management LLC now owns 213,462 shares of the specialty pharmaceutical company's stock worth $3,413,000 after purchasing an additional 149,789 shares in the last quarter. Avidity Partners Management LP purchased a new stake in Tenax Therapeutics in the 1st quarter worth about $3,453,000. Perceptive Advisors LLC lifted its position in Tenax Therapeutics by 229.7% in the 1st quarter. Perceptive Advisors LLC now owns 1,447,782 shares of the specialty pharmaceutical company's stock worth $23,150,000 after buying an additional 1,008,640 shares in the last quarter. Finally, Stempoint Capital LP bought a new position in shares of Tenax Therapeutics during the 1st quarter valued at $3,017,000. Institutional investors own 1.67% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently commented on the stock. Chardan Capital cut shares of Tenax Therapeutics from a "buy" rating to a "neutral" rating and set a $5.00 target price for the company. in a research report on Tuesday, August 11th. Cantor Fitzgerald restated an "overweight" rating and issued a $35.00 price objective on shares of Tenax Therapeutics in a research note on Wednesday, July 29th. Canaccord Genuity Group set a $4.00 price objective on shares of Tenax Therapeutics and gave the company a "buy" rating in a report on Tuesday, August 11th. Wall Street Zen cut Tenax Therapeutics from a "sell" rating to a "strong sell" rating in a report on Saturday, August 15th. Finally, Roth Capital set a $5.00 price target on shares of Tenax Therapeutics in a research note on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $14.00.
Read Our Latest Research Report on TENX
Tenax Therapeutics Stock Down 2.7%
Shares of NASDAQ TENX opened at $2.13 on Friday. The stock has a market capitalization of $79.70 million, a price-to-earnings ratio of -1.44 and a beta of 0.93. The firm has a 50-day moving average price of $10.98 and a 200 day moving average price of $12.23. Tenax Therapeutics has a 52 week low of $1.31 and a 52 week high of $19.40.
Tenax Therapeutics (NASDAQ:TENX - Get Free Report) last announced its earnings results on Friday, July 31st. The specialty pharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.38) by $0.03. Equities research analysts expect that Tenax Therapeutics will post -1.41 EPS for the current fiscal year.
About Tenax Therapeutics
(
Get Free Report)
Tenax Therapeutics, Inc is a clinical-stage specialty pharmaceutical company developing drug delivery technologies designed to improve pain management in acute care settings. The company's proprietary platform leverages biodegradable polymer matrices to create sustained-release formulations of local anesthetics, aiming to extend the duration of pain relief while reducing reliance on opioid medications.
Tenax's lead development programs focus on injectable formulations intended for infiltration and peripheral nerve block applications, with the goal of providing longer-lasting analgesia following surgical and procedural interventions.
Further Reading
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